Anil Jain vs Cit

The Supreme Court held that in determining whether a transaction constitutes 'profit and gains from business' or 'adventure in the nature of trade', the similarity of operations conducted by the assessee is a relevant factor, as established in G. Venkataswami Naidu & Co.'s case. The Court set aside the judgments of the High Court and the Tribunal, remitting the matter back to the Tribunal for fresh consideration of this aspect. The appeals were allowed without costs, allowing parties to raise all other contentions before the Tribunal.